Max Ventures and Industries, part of the Max Group today said it will invest up to Rs 33.5 crore in Azure Hospitality that owns and operates Mamagoto restaurant chain.
The company will be co-investing in the second round for the Azure Hospitality with Goldman Sachs, the key investor in the first round, Max Ventures and Industries Ltd (MVIL) said in a statement.
Max Group Chairman Emeritus and Founder Analjit Singh said: "Max Ventures and Industries was always planned as a fertile place for ideas, new projects and investments."
Emphasising that the investment was significant for the company, Max Group President, Rahul Khosla said: "This investment marks a key milestone for the group as it directly bears out the strategic intent behind the demerger, of allowing the group to explore newer avenues through MVIL..."
While the other two holding companies, Max Financial Services and Max India would focus on existing businesses, he added.
"MVIL is planning to invest up to Rs 335 million in Azure Hospitality Pvt Ltd," MVIL Vice Chairman Mohit Talwar said.
The development comes at an opportune time as the company has obtained FIPB approval for the listing of MVIL and have initiated listing formalities. MVIL is expected to be listed on the stock exchanges by early June, he added.
